What is a Trust?
A Trust is a separate legal entity that holds title to property for the benefit of persons you specify. Many people set up Trusts for their own benefit during their lifetimes, and then specify where the property should go after they pass away. The advantage of using a Trust is that property titled in a Trust should be able to avoid probate.
Do I need a Trust?
Trusts can be useful in many situations. A Trust is a good way to manage your property, and then easily transfer management to another person or entity under certain conditions – for example, should you become incapacitated. Trusts are also useful where a person owns real property in more than one state, as they can help you avoid probate in multiple jurisdictions. Trusts are extremely helpful where you are leaving property to a minor child or a disabled person.
We would be happy to discuss with you whether a Trust is appropriate in your situation. Please call our office for a consultation.